FirstClose Builds Home Equity Lending Functionality into Encompass


FirstClose Inc., a provider of data and workflow solutions for mortgage and home equity lenders nationwide, has integrated its home equity origination platform – FirstClose Equity – with Encompass by ICE Mortgage Technology, part of ICE, a global data, technology and market infrastructure company that designs, builds and operates digital networks.

Through the new integration, Encompass users can easily originate home equity lines of credit (HELOCs) and home equity loans (HELs) within their LOS and complete the application through closing process in as few as 10 days versus the industry average of 45 to 60 days. Encompass will continue to be the system of record because all data is secured through the LOS and stored there. Each call to action initiates a data map and an audit trail to Encompass.

FirstClose’s home equity solution reduces operational touch points and enables lenders to automate data collection, verification and continue to order settlement services through FirstClose’s existing order management module.

The end-to-end platform was built modularly so lenders can implement one, two or all modules based on the approach that’s right for their organization:

  • Point of Sale (POS): A private-label borrower-facing solution with a single sign on, workflow and customized branding including a domain that gives consumers instant online feedback on their home valuation, available home equity, loan options and delivers credit decisions in minutes. (Borrower eligibility is determined by the credit score and CLTV.)
  • Borrower Portal: Lets consumers provide consents, upload needed documents, interact with originators, select loan terms and draw amounts. In parallel, the portal’s backend is iframed into Encompass, so loan originators never leave their LOS and are rewarded with a consistent process and streamlined functionality including title decisioning via the lenders’ business rules and a credit decision that leverages EPPS and Encompass’ Dynamic Data Management (DDM) to deliver findings in minutes.
  • Order Management: Automated workflows, including triggers, enable the ordering of settlement services such as flood, title, valuation and more.
  • Closing: An option to support hybrid closings and recordings that are compliant with state regulations and lender guidelines.

“Home equity lending has become a go-to option for millions of homeowners and is expected to be a significant growth opprtunity for the foreseeable future,” says Tedd Smith, CEO at FirstClose. “Our integration with ICE Mortgage’s platform will give Encompass users a simple, efficient way to either enter this market or to differentiate themselves by significantly improving the customer experience that they are offering.”

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